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Cap Rates Squeeze Top-Tier NYC Markets

NEW YORK CITY-There’s a lot of money chasing and little supply, says CB Richard Ellis’ SVP of Market Data Services Pamela Murphy, in a podcast.

By Jacqueline Hlavenka | Updated on July 25, 2011

(Mark Your calendars: RealShare New York on October 12 at the Marriott Marquis.)

NEW YORK CITY-While New York City is faring well in terms of leasing activity, on the sales side, significant amounts of cap rate compression is squeezing the city’s class A office market this year, as noted in CB Richard Ellis’ “Global In-Sights New York City Office Market” podcast released on Monday afternoon. In the office sector, CBRE data shows that cap rates have come down from 2009 highs of 6.5% to 5.25% year-to-date, and in the multifamily sector, cap rates have come down by 1.48% from 2009 to 4.25% in 2011.

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